GBPUSD - Time for another move higher?
Price has been falling since late September from the high at 1.3658 to the recent low around 1.3257 area.
Based on our analysis, this recent fall seems to be a corrective down move, potentially a 4th wave of a 5-wave structure.
With price finding some minor support between 1.3162 to 1.3257 (a fibonacci confluence between the 61.8 and 50 level), we are now looking for the opportunity to take a long trade for the 5th wave up to complete the overall cycle.
Based on our analysis, this recent fall seems to be a corrective down move, potentially a 4th wave of a 5-wave structure.
With price finding some minor support between 1.3162 to 1.3257 (a fibonacci confluence between the 61.8 and 50 level), we are now looking for the opportunity to take a long trade for the 5th wave up to complete the overall cycle.